2007-01-22 18:35:00 · 5 answers · asked by linatik 2 in Business & Finance ➔ Renting & Real Estate
You will be saving for awhile, good luck.
2007-01-22 18:43:00 · answer #1 · answered by Anonymous · 2⤊ 0⤋
The only person that can answer that question are you and your mortgage broker.
The amount of down payment depends on what type of loan program you are qualified for.
The only person that can tell you what loan programs you are qualified for is a mortgage broker.
About the amount of house you are planning to purchase. If you are planning to purchase a house that is $250,000 and you decide you want to put 10% down then the amount you will have to save $25,000, however, if you want to purchase a house for $500,000 with 10% down then you will have to save $50,000.
So you see we will can not answer the question for you. You did not provide enough information for us to answer your question.
Contact a mortgage broker and get pre-approved for your home purchase. After completing a loan application, and runnning a credit check your mortgage broker will be able to tell you what type of loan program you are qualified for.
You just might be qualified for a 100% loan, at that rate you would not need any money for a down payment though you might need about $5000 for closing cost or some where there about.
Get the following documents together, call a mortgage broker so you can ccomplete the loan application.
#1 Two years of federal income tax and he W-2s to match
#2 One month of pay stubs from your place of employment
#3 6 months of bank statements from each bank you are currently doing business with to include statements from yor 401k plan where you work.
I hope this has been of some use to you, good luck.
"FIGHT ON"
2007-01-23 03:00:17 · answer #2 · answered by Skip 6 · 0⤊ 0⤋
In today's market, you do not need any downpayment to purchase a home. Provided your credit is decent, there are many programs out there that require nothing down. You need to talk to a loan originator. (Broker, bank, LO)
Just because you can get a zero-down loan doesn't mean putting money down isn't a bad idea. If you have the money to put down, you will qualify for a lower interest rate and will not have to pay for mortgage insurance. But don't let the lack of down payment keep you from purchasing a home.
Good luck.
2007-01-23 06:44:50 · answer #3 · answered by CJKatl 4 · 0⤊ 0⤋
The average starter home in Vegas is 300k, Loans can very, BUT if you have good credit you can get 100% financing including your closing costs. Even the banks do it. Shop for the mortgage like you shop for your groceries, find who has the best rates to offer you,oh, look out for adjustable rates, and early penalties. Ask these questions before committing to anything.
2007-01-23 10:11:55 · answer #4 · answered by sylviavnpttn 5 · 0⤊ 0⤋
Technically 20% of the house worth. Most people don't do it anymore, since house are so expensive. If you go less than that, don't go for interest only loans. You could end up in big trouble latter.
2007-01-23 02:47:27 · answer #5 · answered by Anonymous · 0⤊ 0⤋